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| APPRAISAL REQUIREMENTS |
This checklist has been provided to assist you through the process of gathering the necessary information for the initial evaluation of your loan proposal. Complete information will be necessary to evaluate your request.
ALL EXHIBITS MUST BE SIGNED AND DATED
INITIAL ACTION
| ____ 1. | Signed Memorandum of Understanding (MOU) with Good Faith Deposit Check of two thousand dollars ($2,000). |
BACKGROUND INFORMATION
| ____ 2. | A short history and description of the business and analysis of management ability. Resumes of all individuals referred to in No. 9 (below), noting relevant business experience. |
| ____ 3. | A brief description of the project. Please include location, benefits to the business, cost estimates, use of proceeds, source of company’s equity injection, summary of the participating lender’s involvement, and estimate of jobs created or saved as a result of the project. |
| ____ 4. | Personal History Statements (SBA Form 912 enclosed) for all individuals in item No. 9 (below) and all Directors regardless of ownership. Photocopy of Driver’s License, Passport, or suitable Photo Identification for each of the above. |
| ____ 5 | The names of all affiliated businesses (through ownership or management control) as well as the last two fiscal year-end statements and/or two years Federal tax. |
| ____ 6. | Lease agreement if real estate is owned or to be owned by real estate holding company that is a different legal entity from the operating business. Franchise Agreement and Franchise Disclosure Statement, if applicable. |
FINANCIAL INFORMATION
| ____ 7. | A balance sheet and income statement for the previous two years and two years income Projections. If a new business, provide a pro-forma opening balance sheet and a monthly cash flow analysis for the first twelve months of operation or for three months beyond the breakeven point (whichever is longer) with a description of assumptions attached. |
| ____ 8. | An interim balance sheet and income statement no older than 90 days together with an aging of accounts receivable and accounts payable (Mid-Atlantic Form 29 attached). |
| ____ 9. | Personal financial statements, dated within the last 60 days, (SBA Form 413 enclosed) on each proprietor, each partner, and each stockholder with 20% or more ownership of the operating company and each owner with 20% or more ownership of the real estate holding company, if formed. Spouses must sign each personal financial statement submitted. |
| ____ 10. | Two years of corporate financial statements or tax returns and one year of personal tax returns. |
| ____ 11. | IRS Form 4506T for tax verification of the operating company. (Form 4506T attached). |
| ____ 12. | A schedule of debts owed by the business (Mid-Atlantic Form 30 attached). |
| ____ 13. | A schedule of real estate owned by the business (Mid-Atlantic Form 31 attached). |
| ____ 14. | A schedule of other Government Loans obtained by the business
or any individuals (Mid- Atlantic Form 32 attached). |
| ____ 15. | Schedule C, SBA 1244, signed by principals and all guarantors (attached). |
| ____ 16. | Borrowers Certification that all financial information submitted is accurate and can be relied upon (Mid-Atlantic Form 33 attached). |
| ____ 17. | Release for Credit Report, signed by principals and all guarantors (Mid-Atlantic Form 37 attached). |
BANK INFORMATION
| ____ 18. | From the participating lender the following submissions are required: |
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A. |
A copy of the financial package from the participating lender, which should include loan write-up, financial, spreads, supporting documentation. |
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B. |
Environmental Report (See Mid-Atlantic Form No. 34). |
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C. |
Appraisal (See Mid-Atlantic Form No. 35). |
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D. |
Survey (See Mid-Atlantic Form No. 36). |
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E. |
Bank letter explaining the need for 504 financing. Template will be provided. |
Please Note: If the participating lender does not require B, C, or D above, Mid-Atlantic will make arrangements with the borrower.
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1410 N Crain Highway
Suite 5B Glen Burnie MD 21061 410-863-1600 410-863-7446 (FAX) |
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